Harlem development sets record for most expensive uptown condo

Artimus Construction sold apartment at Circa Central Park for $9.4M

New York /
Oct.October 29, 2018 09:30 AM

285 West 110th Street

A penthouse in Harlem sold for $9.4 million, setting a new record for the most expensive uptown condominium.

Developer Artimus Construction closed last week on the 3,734-square-foot apartment at its Circa Central Park at the corner of West 110th Street and Frederick Douglass Boulevard, the Wall Street Journal reported.

285 West 110th Street (Credit: CityRealty)

“Harlem isn’t a value play anymore,” said Corcoran’s Julia Boland, who was not involved in the sale. “People with $9 million to spend have choices, they can live anywhere in Manhattan, but they chose Harlem.”

The deal is the most expensive condo sale north of 96th Street on Manhattan’s West Side and above 102nd Street on the East Side, according to Corcoran.

At a time when the luxury market is soft, the deal highlights how buyers are carefully selecting homes in different neighborhoods.

The identity of the buyer, who purchased the unit through an entity named Circa North Star LLC, was not revealed. Not including the 1,200 square feet of outdoor space, the price works out to about $2,531 per square foot.

Corcoran’s Steve Gold, who represented Artimus in the sale, said the deal closed at a roughly 4 percent discount to the original asking price of $9.8 million.

He noted the building has a 25-year tax abatement, which is worth more than $2 million in tax savings over 25 years.

“Buyers are no longer making quick decisions,” he said. “They have to fall in love with the product, see quality and after the emotional part they have to feel there is relative value” compared to other homes.

Meanwhile, a penthouse is Brooklyn is poised to set a record for the borough. A unit at Quay Tower is reportedly in contract for $20 million. [WSJ] – Rich Bockmann

 

Related Articles

arrow_forward_ios
(iStock)

Mortgage requests surge ahead of Thanksgiving

Mortgage requests surge ahead of Thanksgiving
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)

Vanke seeks to remove RFR from Midtown condo project

Vanke seeks to remove RFR from Midtown condo project
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
TikTok's biggest stars include (from left) Bryce Hall, Griffin Johnson, Addison Rae, Charli D'Amelio and Dixie D’Amelio (Getty)

Firm that manages TikTok party houses goes public

Firm that manages TikTok party houses goes public
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...